Did you know that more than 50% Americans have not talked or consulted with family if they need to have long term care? The reason of why this is so basically falls into two categories: either the elderly do not want to be a burden to their family (financially, of either family or loved ones having to look after their parents), or the hesitation of paying for insurance or other long term care payment methods with no assurance that the investment will actually be used in the future.
Because the topic seems to be taboo, more families are encountering problems providing long term care to parents. This is why family members and loved ones need to take a more proactive approach in speaking with their parents about their long term care options. Listed below are some tips to help you bring and successfully plan a great future for your parents.
Right Place and Right Time
Bringing up the topic of long term care to your parents must be done in a comfortable manner. Schedule first a place (particular one they are familiar with or are comfortable being in) and time to discuss the topic with them. Make sure to also invite and include other members of your family in the meeting; inform your parents beforehand of who’ll be part of the meeting.
Doing this will let your parents and other members of the meeting be together in a comfortable setting, where it will be conducive for everyone to voice out and listen to others’ opinions in getting long term care. Meetings done this way also allow a more convenient and human-focused approach in talking about “serious” topics like LTC. Most importantly, a meeting such as this can also work as an opportunity for your entire family to unite and come up with solutions to help your parents – which, in most cases, can be a rare chance for families to be part of.
The Planning Stage
With the family together, you can then proceed to the next stage: planning your parents’ options for long term care. Find out circumstances that need to be tackled – financial (if they have set aside funds for retirement and medical assistance), legal (concerning assets, property, and if needed, power of attorney), medical history (if your family has a history of disease/s, if your parents are prone to a certain disease or mental disorder), and preference for care (are your parents alright with the idea of staying in nursing homes? Do they prefer to receive in-home care? Are you or other family members willing to take care of them?). Make sure to list all details down, then proceed on providing solutions for each.
Additionally, make sure to include (if possible) meetings with experts during this stage. A financial expert can help out in providing options that will best suit your parents’ circumstances (if they have enough savings to be self-insured; by providing quotes for long term care insurance, etc.). A physician can also be available to check on your parents’ health and to give advice that may improve your parents’ overall long term care plan. Aside from experts, make sure to collate information that your parents can relate to – regardless if these come from family friends relating their long term care experiences or with data available online.
The planning stage basically reinforces your family’s trust to help out your parents. Doing it as early as possible will not only help craft a better plan but may prove to be more practical and cost-effective (especially for possible long term care insurance policy holders, which was advised on several resources online, that premiums tend to be more expensive with the holders’ age). Planning together also shows your parents that you do not see them as a burden and that the entire family cares for their future.
Bringing Up Long Term Care Insurance Benefits
Break the image of long term care insurance as a costly and unneeded investment by discussing the many benefits your parents can get. Discuss that coverage isn’t limited to nursing homes (although if they do prefer nursing homes, LTCI can still get them better services and access to more resources as compared to other options).
In-home care can be provided by insurance for long term care, a great benefit for families to be even closer to their parents. In terms of expenses, studies show that LTCI can help save up to $5,000 per month. Also, relying on Medicaid or Medicare may limit your parents’ expectations, for support may not be readily given due to financial circumstances and the like.
Looking Forward to the Exciting Years
Best of all, bringing up the topic of long term care insurance to your parents will not only help your family prepare. It will also create anticipation of some of the most exciting years of your parents’ life. By having something to look forward to (that your parents will be given the best care and support during those years), will lighten the mood of discussions otherwise known to be avoided and unspoken of. It isn’t heartbreak, but in fact, discussing LTC insurance can be a time to rejoice.
Start planning your parents’ long term care.
Get your long-term care insurance quotes here.